Putnam Allstate Advisor Preferred

Putnam International Equity Subaccount

Fund description

Formerly Putnam International Growth Subaccount. The name change does not reflect a shift in subaccount objective or strategy.The subaccount invests in large and midsize international stocks, targeting companies with established earnings growth that are priced below their fundamental worth. The fund has no bias toward growth or value. It offers access to a broad range of investment opportunities in many markets of the world.

Sales story

Pursuing the growth potential of overseas marketsEstablished companies: The fund invests in established large and midsize companies mainly in developed markets to benefit from opportunities unfolding outside the United States.A flexible strategy: Pursuing Putnam's blend strategy, the fund can own growth- or value-style stocks to participate when either style leads international markets.Building competitive portfolios: The portfolio manager uses fundamental research as the cornerstone of the investment process. This research is supported by quantitative tools and macroeconomic analysis.

Management team

Daily pricing
as of 05/24/19

Lipper ranking ‡
as of 04/30/19

Category: International Multi-Cap Core

Percentile ranking

Rank/Funds in category

10 yrs.

61%

24/39

1 yr.

97%

76/78

3 yrs.

86%

61/70

5 yrs.

84%

57/67

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Quick facts
as of 04/30/19

Fiscal Year End

December

Asset Class

Putnam Allstate Advisor Preferred

Subaccount Status

Open to new investors

Number of issues

68

Turnover (fiscal year end)

68%

Net Assets

$226M

Inception Date

01/02/97

Performance

Performance
as of 03/31/19

Annual

Cumulative

Annualized Performance

Last Quarter

Yearto Date

1 yr.

3 yrs.

5 yrs.

10 yrs.

Life ofsubaccount

Restated performance

Unit Value

9.52%

9.52%

-12.44%

2.85%

-1.05%

6.27%

3.45%

Standardized

7.52%

7.52%

-14.19%

2.85%

-1.05%

6.27%

3.45%

With optional enhanced death benefit

Unit Value

9.48%

9.48%

-12.57%

2.69%

-1.20%

6.11%

3.29%

Standardized

7.48%

7.48%

-14.32%

2.69%

-1.20%

6.11%

3.29%

Actual performance

Unit Value

9.52%

9.52%

-12.44%

2.85%

-1.05%

6.27%

0.69%

Standardized

7.52%

7.52%

-14.19%

2.85%

-1.05%

6.27%

0.69%

With optional enhanced death benefit

Unit Value

9.48%

9.48%

-12.57%

2.69%

-1.20%

6.11%

1.78%

Standardized

7.48%

7.48%

-14.32%

2.69%

-1.20%

6.11%

1.78%

Cumulative Performance

Last Quarter

Yearto Date

1 yr.

3 yrs.

5 yrs.

10 yrs.

Life ofsubaccount

Restated performance

Unit Value

9.52%

9.52%

-12.44%

8.79%

-5.12%

83.76%

112.75%

Standardized

7.52%

7.52%

-14.19%

8.79%

-5.12%

83.76%

112.75%

With optional enhanced death benefit

Unit Value

9.48%

9.48%

-12.57%

8.30%

-5.84%

80.99%

105.66%

Standardized

7.48%

7.48%

-14.32%

8.30%

-5.84%

80.99%

105.66%

Actual performance

Unit Value

9.52%

9.52%

-12.44%

8.79%

-5.12%

83.76%

13.91%

Standardized

7.52%

7.52%

-14.19%

8.79%

-5.12%

83.76%

13.91%

With optional enhanced death benefit

Unit Value

9.48%

9.48%

-12.57%

8.30%

-5.84%

80.99%

41.97%

Standardized

7.48%

7.48%

-14.32%

8.30%

-5.84%

80.99%

41.97%

Annual Performance at NAV

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

22.58%

8.21%

-18.30%

19.90%

25.96%

-8.32%

-1.51%

-4.06%

24.50%

-20.46%

With optional enhanced death benefit

22.39%

8.05%

-18.43%

19.72%

25.77%

-8.46%

-1.66%

-4.20%

24.31%

-20.58%

Restated performance

Monthly
as of 03/31/19

Unit Value

--

Standardized

--

YTD
as of 05/24/19

Unit Value

10.48%

Standardized

8.48%

With optional enhanced death benefit

Monthly
as of 03/31/19

Unit Value

--

Standardized

--

YTD
as of 05/24/19

Unit Value

10.42%

Standardized

8.42%

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Talcott Resolution at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Portfolio Composition as of 04/30/19

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

Top Industry Sectors
as of 04/30/19

Financials

21.94%

Consumer staples

14.99%

Consumer discretionary

12.70%

Industrials

12.54%

Health care

8.45%

Materials

7.29%

Information technology

5.86%

Energy

5.68%

Utilities

4.08%

Other

6.47%

Communication services

3.44%

Cash and net other assets

3.03%

0

Country Allocation
as of 04/30/19

United Kingdom

18.22%

Japan

18.02%

France

15.54%

Netherlands

7.78%

Switzerland

6.86%

Germany

5.19%

Ireland

4.76%

Hong Kong

4.22%

United States

3.45%

Other

15.96%

Cash and net other assets

3.03%

India

2.19%

Sweden

1.55%

South Korea

1.37%

Australia

1.32%

Canada

1.31%

Spain

1.22%

China

1.20%

Italy

1.20%

Finland

1.04%

Taiwan

0.46%

Luxembourg

0.07%

0

Expenses

Sales Charges/Fees

Breakpoint

Sales Charge

Dealer Allowance

CDSC Liab

$0 - $0

0.00%

0.00%

N

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

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